[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"origin-the-intelligence-king-of-chinese-entertainment":3,"chapter-the-intelligence-king-of-chinese-entertainment-the-intelligence-king-of-chinese-entertainment-chapter-330":6},{"origin":4,"title":5},"chinese","The Intelligence King of Chinese Entertainment",{"chapter":7,"nextChapterSlug":19,"prevChapterSlug":20,"totalChapters":21,"novelImage":22},{"id":8,"novel_id":9,"title":10,"slug":11,"index":12,"content":13,"wordcount":14,"created_at":15,"updated_at":15,"volume":16,"translator":17,"content_hash":18},2260633,4411,"Chapter 330: 18% of JD","the-intelligence-king-of-chinese-entertainment-chapter-330",330,"\u003Cp>It was cold, so the two found a hotpot restaurant, had it to themselves, and opened two bottles of baijiu to eat hotpot and drink.\u003C\u002Fp>\n\u003Cp>They didn’t rush into talking about financing; instead, they spent most of their time complaining about the financial crisis.\u003C\u002Fp>\n\u003Cp>When the financial crisis hit, the internet bubble burst, many companies were stripped bare, and life became hard.\u003C\u002Fp>\n\u003Cp>Take Weibo: before the crisis, its valuation and financing once reached $500 million, and many even said that was conservative.\u003C\u002Fp>\n\u003Cp>Now, Weibo’s valuation—Yan Li had never bothered to look closely, to avoid feeling sick.\u003C\u002Fp>\n\u003Cp>Weibo was like that; JD was even worse.\u003C\u002Fp>\n\u003Cp>Weibo at least counted as a small trend and was the industry leader; JD’s e-commerce hadn’t yet built a strong reputation, and its scale and tolerance for error were far behind Taobao.\u003C\u002Fp>\n\u003Cp>When Yan Li first invested in JD, its valuation was about $150 million.\u003C\u002Fp>\n\u003Cp>Now, after some time of development, JD had shown outstanding performance in reputation, scale, and profitability—but after the financial crisis, its valuation was under $100 million.\u003C\u002Fp>\n\u003Cp>According to Boss Liu, someone had offered to invest at a $30 million valuation; the shrinkage was extreme.\u003C\u002Fp>\n\u003Cp>But more often, many didn’t even want to invest that much. Before coming to Hengdian, Boss Liu had met plenty of investors; the more he talked, the colder his heart grew.\u003C\u002Fp>\n\u003Cp>“If it weren’t for General Xu helping me out, JD’s cash flow would’ve already snapped.”\u003C\u002Fp>\n\u003Cp>Boss Liu took a heavy gulp of liquor, his face reddening; Yan Li picked up a slice of beef tripe for him.\u003C\u002Fp>\n\u003Cp>“Old Liu, be honest—how long can JD last?”\u003C\u002Fp>\n\u003Cp>“Two months, maybe even less.”\u003C\u002Fp>\n\u003Cp>Boss Liu gave a bitter laugh: “We’re already stealing from Peter to pay Paul. If no more money comes in, the best outcome is finding a buyer to take us off the hook; the worst is shutting down the company.”\u003C\u002Fp>\n\u003Cp>JD had considered selling, but there were no buyers. The only major electronics giant that showed interest offered an absurdly low price.\u003C\u002Fp>\n\u003Cp>Selling at that price would mean Boss Liu and the founding team had worked for nothing these past years; Yan Li and Jinri Capital would also take a loss.\u003C\u002Fp>\n\u003Cp>General Xu of Jinri Capital strongly supported Boss Liu and JD’s model, and didn’t want all the previous investment and effort to go to waste.\u003C\u002Fp>\n\u003Cp>But one tree can’t make a forest; Jinri Capital wasn’t just her decision alone. In this situation, someone else had to join in to guarantee JD’s survival before Jinri would commit more money.\u003C\u002Fp>\n\u003Cp>“Old Liu, you should’ve come to me sooner.”\u003C\u002Fp>\n\u003Cp>Yan Li scolded Boss Liu—he’d been guarding against him until the company nearly collapsed; the guy was incredibly patient.\u003C\u002Fp>\n\u003Cp>Boss Liu couldn’t say he feared Yan Li would swallow him whole, so he put on a look of concern for his brother.\u003C\u002Fp>\n\u003Cp>“I know you’re in a tough spot too; I didn’t want to make things harder for you.”\u003C\u002Fp>\n\u003Cp>The theory that Yan Li was bankrupt was never believed by anyone with eyes, but many did believe his life was hard—because everyone’s life was hard.\u003C\u002Fp>\n\u003Cp>Yan Li’s rise from the stock market wasn’t a secret, and he held a pile of money-guzzling beasts, so outsiders assumed he’d been hit hard by the financial crisis; otherwise, given his nature, he wouldn’t have tolerated negative rumors for so long.\u003C\u002Fp>\n\u003Cp>“What kind of talk is that?!”\u003C\u002Fp>\n\u003Cp>Boss Liu was loyal; Yan Li played the emotional card: “Publicly, if JD collapses, my earlier investment vanishes; privately, we’ve always gotten along—I treat you like a good friend, a brother—could I just watch you suffer without lifting a hand?”\u003C\u002Fp>\n\u003Cp>“I truly didn’t realize you were this desperate; otherwise I’d have come to you long ago. Even if I was tight on cash, I’d have squeezed out money to save JD.”\u003C\u002Fp>\n\u003Cp>Boss Liu was deeply moved; he stood up and raised his cup: “General Yan… no, brother… no more words—I’ll drink it all.”\u003C\u002Fp>\n\u003Cp>Yan Li stood up too, drained his cup, and they played at being close brothers for a while.\u003C\u002Fp>\n\u003Cp>Honestly, Boss Liu wasn’t bad at acting; maybe one day I’ll get him a role.\u003C\u002Fp>\n\u003Cp>After playing the loyal brothers, it was time to talk business: how much money Yan Li would pay, how many shares Boss Liu would give.\u003C\u002Fp>\n\u003Cp>JD was short on cash—and desperately so; it could swallow $100 million easily.\u003C\u002Fp>\n\u003Cp>But it could swallow the money, it couldn’t give the shares.\u003C\u002Fp>\n\u003Cp>So Boss Liu could only estimate a figure sufficient to plug the funding gap and ensure short-term survival.\u003C\u002Fp>\n\u003Cp>The financial crisis was still raging; this wasn’t a good time for fundraising. Boss Liu’s main goal was simply to survive and avoid collapse in the short term, waiting until after the crisis to consider large-scale financing.\u003C\u002Fp>\n\u003Cp>Before this, JD had already discussed needing $15–20 million, offering about 20% in shares.\u003C\u002Fp>\n\u003Cp>Notably, the 20% JD was offering also diluted Yan Li’s existing stake.\u003C\u002Fp>\n\u003Cp>That meant: if Yan Li didn’t invest, his 8% became 6.4%; if he invested, the total shares became new shares plus 6.4%, not 8%.\u003C\u002Fp>\n\u003Cp>Yan Li tapped his fingers lightly on the table; the money he pulled out of the stock market had been partly used to profit from the crisis, partly held in reserve.\u003C\u002Fp>\n\u003Cp>He’d used some reserve funds to acquire shares in Yi’an Cinema, but not much; he now had enough cash to buy all the shares JD was offering.\u003C\u002Fp>\n\u003Cp>But Boss Liu probably wouldn’t agree—and Jinri Capital, which had done so much, certainly wouldn’t agree either.\u003C\u002Fp>\n\u003Cp>Forget about disagreement; just threaten to let JD go bankrupt and force them to agree.\u003C\u002Fp>\n\u003Cp>From future knowledge, Boss Liu still had a way out; if they split up, Yan Li would lose. Besides, you don’t do business this way.\u003C\u002Fp>\n\u003Cp>Moderate pressure and negotiation are business tactics; extreme pressure isn’t cooperation—it’s making an enemy, and it would damage Yan Li’s business reputation.\u003C\u002Fp>\n\u003Cp>Yan Li had no intention of swallowing JD; this time, he meant to step in at a critical moment to help Boss Liu, to earn his gratitude.\u003C\u002Fp>\n\u003Cp>To fight over shares using extreme pressure and threats would stray from his original intent—and easily backfire.\u003C\u002Fp>\n\u003Cp>So, buying all the shares was out of the question—but at this price, it was truly rare; the more he could get, the better.\u003C\u002Fp>\n\u003Cp>Later, when JD raised massive funding, Yan Li might not follow with heavy investment; the more shares he held now, the more he’d keep after dilution.\u003C\u002Fp>\n\u003Cp>“How much can General Xu contribute?”\u003C\u002Fp>\n\u003Cp>“If the financing goes smoothly, Jinri can put in $8 million.”\u003C\u002Fp>\n\u003Cp>Yan Li nodded; he didn’t ask how many shares Jinri got—each investor had different terms and contracts.\u003C\u002Fp>\n\u003Cp>Jinri Capital was holding on desperately to JD, even taking on debt; its control threat was limited, and it likely had no special favors.\u003C\u002Fp>\n\u003Cp>But then again, Jinri feared JD’s collapse and losing its earlier investment; it might have offered favorable financing terms.\u003C\u002Fp>\n\u003Cp>So Yan Li didn’t need to obsess over Jinri’s deal with JD—only use it as a reference.\u003C\u002Fp>\n\u003Cp>JD needed $15–20 million; even if Jinri put in $8 million, the gap was still large—JD’s bottom line would likely be lower.\u003C\u002Fp>\n\u003Cp>“Old Liu, I’m willing to offer $10 million for 12% of JD.”\u003C\u002Fp>\n\u003Cp>Boss Liu’s eyes lit up instantly—he never expected Yan Li to offer $10 million.\u003C\u002Fp>\n\u003Cp>The market was uncertain; Yan Li couldn’t possibly hold no cash. Under these conditions, he’d scraped together $10 million—tens of millions in RMB—to help him. Yan Li’s wealth was thicker than Boss Liu imagined.\u003C\u002Fp>\n\u003Cp>But 12% was still too much; together, Yan Li’s stake would nearly hit 20%, and Jinri’s stake was also large—if they teamed up…\u003C\u002Fp>\n\u003Cp>Yan Li saw Boss Liu’s expression and knew what he was thinking; he took a sip of liquor.\u003C\u002Fp>\n\u003Cp>“Old Liu, at this price, I barely negotiated at all. If I really pushed down, you’d probably agree—but that would hurt our brotherhood.”\u003C\u002Fp>\n\u003Cp>“I genuinely want to help you. I won’t claim to be noble, but I’ve done my best—I’ve lived up to being your brother.”\u003C\u002Fp>\n\u003Cp>“Of course, I admit I also believe in JD’s model, so the share percentage can’t drop. If you insist, I can add more cash, pour some resources into Weibo, or even sign a concerted action agreement.”\u003C\u002Fp>\n\u003Cp>In business, talking only about feelings is fake; feelings plus a bit of self-interest make it more real.\u003C\u002Fp>\n\u003Cp>Then, offering what the other side wants while reducing your own threat—how could he not be swayed?\u003C\u002Fp>\n\u003Cp>Sure enough, Boss Liu hesitated a moment: “I still need to consult the company and General Xu—but it should be fine.”\u003C\u002Fp>\n\u003Cp>“Good. Deal.”\u003C\u002Fp>\n\u003Cp>Yan Li clinked his cup with Boss Liu’s and emphasized again his lack of intent toward JD.\u003C\u002Fp>\n\u003Cp>“If anything comes up, let’s talk more—I’m counting on you to take me to Nasdaq to ring the bell for JD.”\u003C\u002Fp>\n\u003Cp>“….”\u003C\u002Fp>\n\u003Cp>JD’s situation was indeed dire. After finishing the liquor, Boss Liu didn’t wait for the next day—he left Hengdian and returned to Beijing.\u003C\u002Fp>\n\u003Cp>Later, after two multi-party conference calls, they finally reached an agreement.\u003C\u002Fp>\n\u003Cp>Yan Li—or his company, Yan Ye Capital—invested $11 million plus related resources, acquiring 12% of JD.\u003C\u002Fp>\n\u003Cp>After Yan Ye joined, Jinri Capital immediately followed; their moves prompted two previously hesitant investors to prepare to join.\u003C\u002Fp>\n\u003Cp>JD’s Series B financing was expected to raise $23–25 million.\u003C\u002Fp>\n\u003Cp>With more funds and Yan Li insisting on prioritizing shares, JD ended up offering more than the originally planned 20%.\u003C\u002Fp>\n\u003Cp>Thus, Yan Li’s original shares were diluted further; adding the new 12%, his total stake exceeded 18%.\u003C\u002Fp>\n\u003Cp>Yan Li was satisfied: nearly one-fifth of the shares, plus some favorable terms, meant that even if he ended up with less than 10% by the time JD went public, it would still be worth a fortune.\u003C\u002Fp>\n\u003Cp>So if you want to make money, investing is the way—back the right horse, and you’ll make a killing.\u003C\u002Fp>\n\u003Cp>…\u003C\u002Fp>\n\u003Cp>Although JD’s financing contract still needed time to finalize, to calm internal staff and restore its public image, news was quickly leaked.\u003C\u002Fp>\n\u003Cp>Yan Li’s exact investment and share percentage weren’t disclosed, but “insiders” claimed it was no less than $10 million.\u003C\u002Fp>\n\u003Cp>Before the outside world reacted, Pang Yidian, who had been promoting Yan Li’s bankruptcy, exploded.\u003C\u002Fp>\n\u003Cp>Fake! Absolutely fake! If Yan Li could come up with tens of millions, I’ll eat shit.\u003C\u002Fp>\n\u003Cp>Less than ten minutes after that Weibo post, Yan Ye Capital and JD’s official accounts released the financing facts.\u003C\u002Fp>\n\u003Cp>Yan Li personally retweeted @Pang Yidian—[Helping you promote this. Don’t forget your promise.]\u003C\u002Fp>\n\u003Cp>His move triggered Weibo’s algorithm; the Weibo pet, Pang Yidian, was officially born.\u003C\u002Fp>",1761,"2026-06-19T16:16:54.562Z",1,"Qwen3-Next 80B","c24b00359c40f8d3c127c1c92cfa547bb9e5b3413e6f5e313fb165dfe8d81752","the-intelligence-king-of-chinese-entertainment-chapter-331","the-intelligence-king-of-chinese-entertainment-chapter-329",405,"https:\u002F\u002Fnovelzhen.com\u002Fimages\u002Fcovers\u002Fthe-intelligence-king-of-chinese-entertainment-cover.jpg"]